FUNDAMENTALS
* The European Parliament approved a landmark deforestation
law on Wednesday to ban imports of commodities, including palm,
into the EU if they are linked to the destruction of the world's
forests.
* Indian buyers opted to cancel 75,000 tonnes of palm oil
purchases for the first time in years and switch to rival soft
oils, such as sunflower oil and soyoil, five industry officials
told Reuters.
* Malaysia's exports in March fell 1.4% on the year, a
smaller decline than analysts expected, government data showed
on Wednesday.
* Exports of Malaysian palm oil products for April 1-15 fell
20.7% to 566,995 tonnes from 715,230 tonnes shipped during March
1-15, cargo surveyor Societe Generale de Surveillance said.
* Dalian's most-active soyoil contract fell 2.4%,
while its palm oil contract was down 1.7%. Soyoil
prices on the Chicago Board of Trade eased 0.5%.
* Palm oil is affected by price movements in related oils as
they compete for a share in the global vegetable oils market.
* The Malaysian ringgit , palm's currency of trade,
strengthened 0.23% against the dollar. A firmer ringgit makes
palm oil less attractive for foreign currency holders.
MARKET NEWS
* Asian stocks edged lower, while the dollar was on the back
foot as investors remained cautious ahead of an expected 25
basis point hike in interest rate by the Federal Reserve next
month.
* Oil prices fell as muted U.S. economic data and
expectations of rate hikes pushed up the U.S. dollar, prompting
fear of a stronger dollar hurting global oil demand by making it
more expensive.
* Malaysia's financial markets will be closed on Friday and
Monday for a public holiday. Trading will resume on Tuesday,
Apr. 25.
($1 = 4.4300 ringgit)
(Reporting by Carman Chew; editing by Uttaresh Venkateshwaran)
* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in and press enter, or double click between the brackets.
* Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils Malaysian palm oil exports CBOT soyoil futures CBOT soybean futures Indian solvent Dalian Commodity Exchange Dalian soyoil futures Dalian refined palm oil futures Zhengzhou rapeseed oil European edible oil prices/trades ))
